Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View </li>
<li>Silicon Motion (SIMO US): Multiple Growth Drivers Converging Into 2026E </li>
<li>Taiwan Dual-Listings Monitor: TSMC &amp; UMC Spreads at Historically Rare Levels </li>
</ul>


Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View 
Silicon Motion (SIMO US): Multiple Growth Drivers Converging Into 2026E 
Taiwan Dual-Listings Monitor: TSMC &amp; UMC Spreads at Historically Rare Levels 


Taiwan Tech Weekly: Industry Moves Show Silicon Photonics Becoming Must-Have for Next Gen Compute

<ul>
<li>This assembly and testing leader provides fresh insight into the state of display, memory, consumer, enterprise, and industrial end markets.</li>
<li>ChipMOS: Memory Industry Strength Offsets Display Industry Weakness. Memory strength seen into 2026E. Company noted soft smartphone industry panel demand currently.</li>
<li>Management signals sustained memory upcycle; disciplined capex to serve multi-year AI and datacenter growth. We rate ChipMOS shares as a Structural Long.</li>
</ul>


This assembly and testing leader provides fresh insight into the state of display, memory, consumer, enterprise, and industrial end markets.
ChipMOS: Memory Industry Strength Offsets Display Industry Weakness. Memory strength seen into 2026E. Company noted soft smartphone industry panel demand currently.
Management signals sustained memory upcycle; disciplined capex to serve multi-year AI and datacenter growth. We rate ChipMOS shares as a Structural Long.


TechChain Insights: ChipMOS Indicates Memory Industry Surge into 2026E; Smartphones Currently Soft

Himax Technologies Inc Adr / Equity Bottom-Up

<ul>
<li>
2Q25 beat on margins, in-line on profit; automotive and non-driver ICs resilient despite macro headwinds; guidance points to weaker 3Q25 from seasonal bonus costs and softer demand. </li>
<li>
Automotive, OLED, WiseEye AI, and WLO/CPO remain multi-year growth drivers; CPO mass production targeted for 2026 with early-stage annualized revenue potential above US$100m.</li>
<li>
Shares likely fell on weak near-term outlook, but structural leadership in automotive display ICs, AI sensing, and optical technologies underpins long-term growth runway through 2028.</li>
</ul>



2Q25 beat on margins, in-line on profit; automotive and non-driver ICs resilient despite macro headwinds; guidance points to weaker 3Q25 from seasonal bonus costs and softer demand. 

Automotive, OLED, WiseEye AI, and WLO/CPO remain multi-year growth drivers; CPO mass production targeted for 2026 with early-stage annualized revenue potential above US$100m.

Shares likely fell on weak near-term outlook, but structural leadership in automotive display ICs, AI sensing, and optical technologies underpins long-term growth runway through 2028.


Himax (HIMX US) - Share Drop: Near-Term Weakness Offset by Structural Automotive & AI Growth Drivers

<ul>
<li>U.S. 2nm Production May Begin Sooner Than Expected — Is TSMC Responding to Unprecedented N2 Demand?</li>
<li>Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher </li>
<li>TechChain Insights: Taiwan’s Battery Cell Moment? USA &amp; EU Supply Chain Under Strategic Pressure </li>
</ul>


U.S. 2nm Production May Begin Sooner Than Expected — Is TSMC Responding to Unprecedented N2 Demand?
Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher 
TechChain Insights: Taiwan’s Battery Cell Moment? USA &amp; EU Supply Chain Under Strategic Pressure 


Taiwan Tech Weekly: TSMC’s Arizona Surprise - 2nm by 2026?; Signs of Hyperscaler Growth Acceleration

<ul>
<li>
China’s push for 100% auto chip localization by 2027 poses risk to Himax, which derived 75% of 1Q25 revenue from China. We engaged the company for comments./</li>
<li>
Himax may avoid direct targeting due to Taiwanese roots and local production via CN Nexchip, and we believe is less vulnerable than Western firms like NXP, TI, and Wolfspeed.</li>
<li>
Copackaged Optics (CPO) industry momentum continues to build as Himax continues role alongside TSMC and FOCI; industry moves from Nvidia, AMD validate long-term optical interconnect opportunity Himax is positioned for.</li>
</ul>



China’s push for 100% auto chip localization by 2027 poses risk to Himax, which derived 75% of 1Q25 revenue from China. We engaged the company for comments./

Himax may avoid direct targeting due to Taiwanese roots and local production via CN Nexchip, and we believe is less vulnerable than Western firms like NXP, TI, and Wolfspeed.

Copackaged Optics (CPO) industry momentum continues to build as Himax continues role alongside TSMC and FOCI; industry moves from Nvidia, AMD validate long-term optical interconnect opportunity Himax is positioned for.


TechChain Insights: Himax Threatened by China Auto Chip Push? CPO Tech with TSMC Remains Bright Spot

Taiwan

Himax Technologies, Inc. designs and manufactures integrated circuits.  The Company produces liquid crystal displays (LCD).

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Himax Technologies Inc Adr (HIMX US)

Taiwan Tech Weekly: Industry Moves Show Silicon Photonics Becoming Must-Have for Next Gen Compute

Silicon photonics and multiple growth drivers are shaping the strategic imperatives for firms like Himax and Silicon Motion in Taiwan. TSMC and...

Vincent Fernando, CFA

TechChain Insights: ChipMOS Indicates Memory Industry Surge into 2026E; Smartphones Currently Soft

ChipMOS sees strength in memory industry offsetting weakness in display market, signaling sustained memory upcycle and disciplined capex for AI...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC’s Arizona Surprise - 2nm by 2026?; Signs of Hyperscaler Growth Acceleration

TSMC may start producing 2nm chips in the U.S. sooner due to high demand, hyperscalers see revenue growth and increased capex, Taiwan's battery...

Vincent Fernando, CFA

TechChain Insights: Himax Threatened by China Auto Chip Push? CPO Tech with TSMC Remains Bright Spot

China's push for auto chip localization poses some risk to Himax, but its local production may offer some protection. Himax's role in Copackaged...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Industry Moves Show Silicon Photonics Becoming Must-Have for Next Gen Compute

​Silicon photonics and multiple growth drivers are shaping the strategic imperatives for firms like Himax and Silicon Motion in Taiwan. TSMC and...

Vincent Fernando, CFA

TechChain Insights: ChipMOS Indicates Memory Industry Surge into 2026E; Smartphones Currently Soft

​ChipMOS sees strength in memory industry offsetting weakness in display market, signaling sustained memory upcycle and disciplined capex for AI...

Vincent Fernando, CFA

Himax (HIMX US) - Share Drop: Near-Term Weakness Offset by Structural Automotive & AI Growth Drivers

​2Q25 saw strong margins but weaker 3Q25 expected; long-term growth drivers in automotive, OLED, AI, and optical tech remain solid despite near...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC’s Arizona Surprise - 2nm by 2026?; Signs of Hyperscaler Growth Acceleration

​TSMC may start producing 2nm chips in the U.S. sooner due to high demand, hyperscalers see revenue growth and increased capex, Taiwan's battery...

Vincent Fernando, CFA

TechChain Insights: Himax Threatened by China Auto Chip Push? CPO Tech with TSMC Remains Bright Spot

​China's push for auto chip localization poses some risk to Himax, but its local production may offer some protection. Himax's role in Copackaged...

Vincent Fernando, CFA

Silicon photonics and multiple growth drivers are shaping the strategic imperatives for firms like Himax and Silicon Motion in Taiwan. TSMC and...

ChipMOS sees strength in memory industry offsetting weakness in display market, signaling sustained memory upcycle and disciplined capex for AI...

2Q25 saw strong margins but weaker 3Q25 expected; long-term growth drivers in automotive, OLED, AI, and optical tech remain solid despite near...

TSMC may start producing 2nm chips in the U.S. sooner due to high demand, hyperscalers see revenue growth and increased capex, Taiwan's battery...

China's push for auto chip localization poses some risk to Himax, but its local production may offer some protection. Himax's role in Copackaged...